Bankruptcy News For - March 27, 1996


; Records an Additional $3.7 Million Non-Recurring Special Charge

            CHERRY HILL, N.J. -- March 27, 1996 -- The Score
        Board, Inc. (NASDAQ NMS: BSBL) today reported operating results for
        the fiscal 1996 fourth quarter and year ended January 31, 1996.  The
        Company also reported that it has adjusted its previously announced
        estimates of fiscal 1996 fourth quarter and year-end results as the
        result of an additional, non-recurring special charge reviewed
        below, aggregating $3,715,000.  Total non-recurring special charges
        taken by the Company in the fourth quarter were $5,675,000, or
        ($0.49) per share, including a previously announced restructuring
        charge of $1,960,000.  

            The additional non-recurring special charge primarily relates to
        the write-down of certain assets relating to license agreements and
        the Company's current assessment of estimated legal costs to be
        incurred in connection with ongoing litigation, primarily with Upper
        Deck Authenticated.  In connection with the completion of its year-
        end financial statements, the Company performed a thorough review of
        its license agreements in relation to its revised product line focus
        for fiscal 1997 and beyond.  Based upon an anticipated reduction in
        the breadth of its product offerings, the Company determined that
        certain rights previously acquired under license agreements would
        not be fully utilized over the next few years and, accordingly,
        deemed it appropriate to write down certain assets relating to its
        license agreements.  

            After giving effect to the non-recurring special charges, the
        Company reported net sales for the fourth quarter ended January 31,
        1996 of $18,945,000 and a net loss of $8,960,000, or ($0.76) per
        share, or a net loss of $3,296,000, or ($0.28) per share excluding
        one-time special charges.  In the prior year's fourth quarter, the
        Company had net sales of $19,137,000 and a net loss of $4,995,000,
        or ($0.44) per share, or a net loss of $3,285,000, or ($0.28) per
        share, excluding one-time special charges.  Per share results in the
        fiscal 1996 and 1995 fourth quarter periods are based on a weighted
        average of 11,811,000 and 11,250,000 shares outstanding,

            Net sales for the year ended January 31, 1996 were $74,953,000
        compared to $72,799,000 in fiscal 1995.  The fiscal 1996 net loss
        was $8,204,000, or ($0.71) per share, compared to a net loss of
        $33,816,000, or ($3.01) per share, recorded in the year ended
        January 31, 1995.  Excluding the non-recurring special charges and
        securities litigation settlement during fiscal 1996, Score Board
        would have recorded a net loss of $354,000, or ($0.03) per share,
        compared to a net loss, excluding special and restructuring charges,
        of $14,748,000, or ($1.31) per share, in fiscal 1995.  Prior to all
        non-recurring charges, in 1996 the Company would have earned
        approximately $1.6 million in operating income compared to an
        operating loss of $15.2 million in the prior year.  Per share
        results in fiscal 1996 and 1995 are based on a weighted average of
        11,558,000 and 11,243,000 shares outstanding, respectively.  

            Ken Goldin, Chairman and Chief Executive Officer, stated, "The
        additional special charges announced today highlight our ongoing
        commitment to strengthen the balance sheet and position our Company
        for future profitability.  The charges reflect the streamlining of
        our product focus, and despite their one-time, non-cash impact on
        fiscal 1996 results, I trust our investors will understand the logic
        and benefits of the action."  

            The Score Board, Inc. is a leading marketer and licensor of
        sports and entertainment-related products sold through national
        retailers and catalogs, television shopping programs,
        hobby/specialty shops, and corporate promotions and premium
        programs.  The Company markets autographed collectibles, prepaid
        telephone calling cards, consumer sports products, NFL trading
        cards, Classic(R) sports draft pick trading card sets, and other
        collectible products.

                          THE SCORE BOARD, INC.
                  Condensed Consolidated Balance Sheets
                         (thousands of dollars)
        Current Assets:                          1/31/96      1/31/95
           Cash                             $        142  $       101
           Receivables                            14,894       13,914
           Inventories                            16,449       17,251
           Prepaids                                4,972       17,025
         Total current assets                 36,457       48,291
        Fixed assets, net                          1,616        2,992
        Other assets                               2,044        2,404
                                             $40,117      $53,687
        Current Liabilities:                     1/31/96      1/31/95
           Bank indebtedness               $          -0-     $14,096
           Accounts payable                        9,122       11,461
           Accrued liabilities                     4,401        5,488
         Total current liabilities            13,523       31,045
        Long-term debt                            20,402       10,737
        Shareholders' equity                       6,192       11,905
                                             $40,117      $53,687

                          THE SCORE BOARD, INC.
                   Condensed Statements of Operations
                (in thousands, except per share amounts)
                               Three Months Ended       Year Ended
                                   January 31,          January 31,
                                 1996      1995       1996      1995
        Net Sales                  $ 18,945  $ 19,137   $ 74,953  $ 72,799
        Cost of Goods Sold           13,470    13,462     45,211    57,885
        Gross Profit                  5,475     5,675     29,742    14,914
        Selling, General and
          Administrative Expenses     8,221     8,456     28,126    30,082
        Special Charges and
         Restructuring                5,675     1,850      5,675    23,800
        Net proceeds from Officer's
         Life Insurance                  -0-       -0-        -0-   (1,100)
        (Loss) from Operations       (8,421)   (4,631)    (4,059)  (37,868)
        Cost of Securities Litigation
         Settlement                      -0-       -0-     2,175        -0-
        Net Interest Expense            539       633      1,970     2,388
        (Loss) Before Income Taxes   (8,960)   (5,264)    (8,204)  (40,256)
        Income Taxes (Benefit)           -0-     (269)        -0-   (6,440)
        Net (Loss)                  $(8,960) $ (4,995)   $(8,204) $(33,816)
        Net (Loss) per
         Common Share - Primary     $ (0.76) $  (0.44)   $ (0.71) $  (3.01)
        Average Number of Shares
        Outstanding - Primary    11,811,000 11,250,000  11,558,000
        CONTACT: Michael A. Hoppman         
                 Chief Financial Officer      
                 David C. Collins, Joseph N. Jaffoni
                 Jaffoni & Collins Incorporated


            CUPERTINO, Calif., March 27, 1996 - Following his first
        seven weeks as chairman and chief executive officer of Apple
        Computer, Inc. (Nasdaq: AAPL), Dr. Gilbert F. Amelio issued a
        statement today discussing his assessments of the Company's business
        situation and financial outlook for the second fiscal quarter which
        ends March 29, 1996.

            "After my first couple of months on the job, I feel that it's
        time for me to provide an update on Apple," said Dr. Amelio.  "As
        has been widely noted, the market for personal computers is

            "We find ourselves facing three major challenges. First, we
        anticipate that revenues and unit shipments will be substantially
        below the levels of last year's second quarter.  Secondly, the
        slowdown in sales relative to our initial forecasts will contribute
        to sizable charges related to inventory valuation adjustments.
        Finally, as we've mentioned before, we will incur significant
        restructuring charges in order to realign the company for the

            "These factors will contribute to an anticipated second fiscal
        quarter net after-tax loss of around $700 million, more than half of
        which will be related to inventory write-downs and about a quarter
        of which will be related to restructuring charges.  The inventory
        write- downs and restructuring charges are critical first steps in
        orchestrating the comeback of the Company.

            "I'm confident at this point that I know what the problems are
        and that they are fixable.  The strategic and operating plans we are
        currently developing will enable us to build upon Apple's
        fundamental strengths and competitive position, reinforce our
        customer appeal, and realize the company's long-term earnings
        potential.  We plan to aggressively address these issues and take
        the necessary corrective actions.  We will begin to articulate our
        plans by early May.

            "I'd also like to add that I'm greatly encouraged by the
        expressions of support I've received over the past two months from
        thousands of Apple customers, business partners, developers, and
        employees around the world who share our commitment to successfully
        meeting our current challenges and achieving a great future."

            The statements herein concerning second quarter results are
        preliminary and are based on partial information and management
        assumptions.  Apple will be prepared to discuss details of its
        actual financial results when it issues its second quarter earnings
        during the third week of April.

            Except for the historical information contained herein, the
        matters discussed in this news release are forward-looking
        statements that involve risks and uncertainties.  Potential risks
        and uncertainties include without limitation the effect of adverse
        publicity (including this announcement) on demand for the company's
        products; the effect of continued losses on the Company's liquidity;
        continued competitive pressures in the marketplace; the effect on
        inventory valuations of decreased demand and lowered prices; and the
        effect of any business restructuring actions.  Further information
        on potential factors that could affect the company's financial
        results can be found in the company's Form 10-Q for its 1996 first
        quarter, filed with the SEC.

            Apple Computer, Inc., a recognized innovator in the information
        industry and leader in multimedia technologies, creates powerful
        solutions based on easy-to-use personal computers, servers,
        peripherals, software, online services, and personal digital
        assistants. Headquartered in Cupertino, California, Apple (Nasdaq:
        AAPL) develops, manufactures, licenses and markets solutions,
        products, technologies and services for business, education,
        consumer, entertainment, scientific and engineering and government
        customers in over 140 countries.

            Apple and the Apple logo are registered trademarks of Apple
        Computer, Inc., in the USA and other countries.

        CONTACT:  Press Contacts:  Nancy Paxton, 408-974-5420 or, or Lynne Keast, 408-974-5431 or, or Gabi Schindler, 408-974-6941 or, or Investor Relations Contacts:
        Debbie VanOlst-Robinson, 408-862-5590 or, or
        Bill Slakey, 408-974-3488 or, all of


            ATLANTA, March 27, 1996 - Morrison Fresh Cooking, Inc.
        (NYSE: MFC), a recent spin-off Company of Morrison Restaurants Inc.,
        today reported net sales and earnings for the third quarter of
        fiscal 1996.

            As previously reported on March 7, 1996, the stockholders of
        Morrison Restaurants Inc. approved the spin-off of Morrison Fresh
        Cooking, Inc. into a separate, publicly-held corporation.  Trading
        in the stock of the Company commenced on the New York Stock Exchange
        on Monday, March 11, 1996.  The Morrison Fresh Cooking, Inc. stock
        is trading under the symbol "MFC."

            For the third quarter of fiscal 1996, net sales for Morrison
        Fresh Cooking, Inc. were $65,260,000, a decrease of 11 percent from
        the same quarter of the prior year.  The Company recorded a net loss
        of $13,122,000 for the quarter, which included one-time charges of
        $22,079,000, compared to net income of $2,598,000 for the same
        quarter of last fiscal year.  The one-time charges were associated
        with losses on the impairment of assets and restructuring costs.

            Ronnie Tatum, CEO of Morrison Fresh Cooking, Inc., said, "It's
        been a difficult transition year!  The marketplace has grown
        increasingly competitive.  This increased competition has been
        further compounded by soft retail sales and a particularly bad
        winter, all contributing to our sales and earnings decline for the
        third quarter."

            Mr. Tatum also said, "The fourth quarter will see the
        implementation of a number of new programs which are designed to
        improve our operating efficiencies and our customer's overall dining
        experience.  Our new Company has a very talented and focused Board
        of Directors and management team at all levels.  I'm confident about
        our future!"

            At its scheduled meeting today, the Board of Directors declared
        a regular cash dividend of $0.09 per share, payable on April 30,
        1996 to shareholders of record on April 12, 1996.

            As of March 2, 1996, Morrison Fresh Cooking, Inc. consisted of
        147 family dining restaurants and 11 quick-service restaurants in 13
        states.  One small cafeteria was opened during the third quarter of
        fiscal 1996.

                          MORRISON FRESH COOKING, INC.
                     Financial Results for the Third Quarter
                        of Fiscal 1996 (unaudited)
                                                For the 13 wks. Ended
                                                3/2/96         3/4/95
        Net sales                             $ 65,260       $ 73,485
        Costs and Expenses:
          Cost of merchandise                   18,386         19,690
          Payroll and related costs             25,624         25,232
          Other operating costs                 12,476         16,338
          Selling, general and admin.            4,873          5,357
          Depreciation and amortization          2,755          2,611
          Total                                 64,114         69,228
        Operating income before loss on impairment
          of Assets and Restructure Costs        1,146         4,257
        Loss on impairment of assets            13,789             0
        Restructure costs                        8,290             0
        Operating income (loss)                (20,933)        4,257
        Interest expense (income), net             124           (65)
        Income (loss) before income taxes      (21,057)        4,322
        Provision for (benefit from)
          Income taxes                          (7,935)        1,724
        Net income (loss)                     ($13,122)       $2,598
                                             For the 39 wks. Ended
                                               3/2/96         3/4/95
        Net sales                             $203,278       $222,646
        Costs and Expenses:
          Cost of merchandise                   57,688         59,412
          Payroll and related costs             77,521         79,349
          Other operating costs                 41,066         47,264
          Selling, general and admin.           13,601         16,034
          Depreciation and amortization          8,097          7,717
          Total                                197,973        209,776
        Operating income before loss on impairment
          of Assets and Restructure Costs        5,305        12,870
        Loss on impairment of assets            13,789             0
        Restructure costs                        8,290             0
        Operating income (loss)                (16,774)       12,870
        Interest expense (income), net              15          (253)
        Income (loss) before income taxes      (16,789)       13,123
        Provision for (benefit from)
          Income taxes                          (6,174)        5,348
        Net income (loss)                     ($10,615)       $7,775
                             MORRISON FRESH COOKING, INC.
                        Financial Results For the Third Quarter
                             of Fiscal 1996 (unaudited)
                            Condensed Balance Sheets
                                                  3/2/96    3/4/95
        Cash and short-term investments         $  1,831   $  3,304
        Accounts and notes receivable              1,638      1,083
        Inventories                                2,666      3,685
        Other current assets                       2,974      1,663
        Current income tax benefits                5,990      3,504
        Total current assets                      15,099     13,239
        Property and Equipment, Net               57,438     66,156
        Deferred income tax benefits               2,192      1,909
        Other assets                               7,711      7,081
        Total assets                             $82,440    $88,385
          Current liabilities                   $28,148    $26,136
          Long-term debt                            784        870
          Other deffered liabilities             14,650     16,632
          Total liabilities                      43,582     43,638
        Stockholders' equity                     38,858     44,747
        Total liabilities and stockholders'
          equity                               $ 82,440   $ 88,385
                          MORRISON FRESH COOKING, INC.
            Fiscal 1996 Pro Forma Statements of Income (unaudited)
                                            For The Quarter Ended
                                          9/2/95    12/2/95    3/2/96
        Net Sales                       $ 70,129  $ 67,889   $ 65,260
        Costs and Expenses:
          Cost of merchandise             19,659    19,643     18,386
          Payroll and related costs       25,722    26,353     25,695
          Other operating costs           15,227    13,492     12,527
          Selling, general and admin.      4,685     4,652      5,022
          Depreciation and amortization    2,621     2,730      2,759
        Total                             67,914    66,870     64,389
        Operating Income before loss
          on impairment of assets and
          restructure costs                2,215     1,019        871
        Loss on impairment of assets           0         0     13,789
        Restructure costs                      0         0      8,290
        Operating income (loss)            2,215     1,019    (21,208)
        Interest expense (income), net       (47)      (62)       124
        Income (loss) before income taxes  2,262     1,081    (21,332)
        Provision for (benefit from)
          income taxes                       955       424     (8,024)
        Net income (loss)               $  1,307    $  657   ($13,308)
        Net income (loss) per common
          and equivalent share          $   0.15    $ 0.07     ($1.52)
        Common and equivalent shares       8,887     8,820      8,760
                                         For The 39 Weeks Ended
        Net Sales                              $203,278
        Costs and Expenses:
          Cost of merchandise                    57,688
          Payroll and related costs              77,770
          Other operating costs                  41,246
          Selling, general and admin.            14,359
          Depreciation and amortization           8,110
        Total                                   199,173
        Operating Income before loss
          on impairment of assets and
          restructure costs                       4,105
        Loss on impairment of assets             13,789
        Restructure costs                         8,290
        Operating income (loss)                 (17,974)
        Interest expense (income), net               15
        Income (loss) before income taxes       (17,989)
        Provision for (benefit from)
          income taxes                           (6,645)
        Net income (loss)                      ($11,344)
        Net income (loss) per common
          and equivalent share                   ($1.29)
        Common and equivalent shares              8,823
            Common and equivalent shares are based on the number of shares
        of Morrison Restaurants Inc. Common Stock outstanding as of the
        effective date of the spin-off, adjusted using the 1 for 4
        distribution ratio.
            These unaudited pro forma statements of income were prepared to
        reflect the increase in operating expenses and related tax benefit
        which presumably would have been incurred had the Company been a
        separate stand-alone entity for the dates indicated.

        CONTACT:  Ronnie Tatum, Chief Executive Officer; Chris Elliott,
        President & Chief Operating Officer, or Craig Nelson, Senior Vice
        President, Finance, 770-991-0351, all of Morrison Fresh Cooking,


            NORWALK, Conn. -- March 27, 1996 -- href="chap11.caldor.html">The Caldor
(NYSE:CLD) announced today that it has received
        from the bankruptcy court to implement the company's performance
        retention program.  

            The retention program is designed to enable Caldor to stabilize
        and motivate its employee base during the reorganization process.
        It covers 536 Caldor employees at various levels of the organization
        whom the company has identified as "key" to its operations.  

            The program provides for the payment of cash bonuses to those
        key employees in two equal installments, on the effective date of a
        Plan of Reorganization and six months thereafter.  For covered
        employees to participate in the program, the company is required to
        successfully emerge from Chapter 11.  In addition, for the 15 most
        senior participants, full payment is also tied to growth in the
        company's earnings, above predetermined targets.  

            Retention programs of this kind are typical in Chapter 11
        situations to prevent the departure of employees necessary to the
        company's successful operation and reorganization.  

            Caldor's performance retention program, as approved by the
        court, has the full support of the company's Creditors Committee,
        Bank Committee and Equity Committee.  

            Don R. Clarke, Chairman and Chief Executive Officer of Caldor
        said, "The program will play a critical role in enabling Caldor to
        retain its key executives, who are highly regarded within the retail
        industry, through the reorganization process.  It will replace
        incentives that have been lost since the time of the filing,
        particularly stock related incentives, and restore compensation
        levels to where they were prior to the filing.  This will put us in
        a better position to prevent departures of associates who are
        necessary to our successful emergence and future success."  

            The Caldor Corporation is the fourth largest discount department
        store chain in the United States, with annual sales of approximately
        $2.8 billion and approximately 24,000 associates.  They currently
        operate 166 stores in 10 east coast states.  With a strong consumer
        franchise in the high density/suburban markets, Caldor offers a
        diverse merchandise selection, including both soft line and hard
        line products.  

        CONTACT:  Media:
          Kekst and Company
                  Wendi Kopsick/Jim Fingeroth
                  Investor Relations:
                  The Caldor Corporation
                  Dave Peterson


            NEW YORK, March 27, 1996 - The following was issued today
        by Berlack, Israels & Liberman LLP:

            Individuals and institutions who invested more than $230 million
        in hedge funds managed by Askin Capital
Management, L.P.
        today jointly filed fraud, racketeering, and breach of fiduciary
        duty claims in New York state court against ACM and several
        prominent brokerage firms who allegedly conspired with ACM to
        defraud Askin's investors. The suit, which seeks more than $700
        million in compensatory and punitive damages, was filed against
        Kidder Peabody & Co. Inc., Bear Stearns & Co., Inc., and Donaldson,
        Lufkin & Jenrette Securities Corp., as well as ACM.

            The suit alleges that the brokerage firms intentionally
        conspired with ACM in order to support the larger market for
        collateralized mortgage obligations (CMOs), in which the defendant
        firms had combined sales of more than $125 billion in 1993 alone.
        According to the suit, the defendant firms sold vast quantities of
        mortgage-backed securities to ACM, which in turn made it possible to
        sell more desirable securities to other investors, producing
        millions of dollars in profits for the firms.

            The suit alleges that, contrary to its representations to its
        investors, ACM did not purchase high quality, low risk securities.
        Instead, ACM primarily purchased risky securities for which there
        was virtually no market.  The defendant brokerage firms allegedly
        encouraged these purchases by setting up special credit
        arrangements, which violated their customary credit policies.  The
        firms also allegedly gave their traders commissions for selling
        these securities that were up to 128 times greater than the traders
        could have earned selling less risky securities.

            In addition, the suit alleges that ACM intentionally inflated
        its earnings and portfolio valuations to its current and prospective
        investors, in order to increase its ability to purchase the high
        risk securities.  The suit specifically alleges that certain of the
        defendant brokerage firms conspired with Askin by agreeing to
        restate and increase their monthly portfolio valuations.  At the
        same time, the brokerage firms were assigning the same securities
        lower values for other purposes.

            The complaint refers to tape recordings of conversations between
        broker employees.  In these tapes, the securities sold by the
        brokers to ACM are referred to as "nuclear waste" and "a complete
        trick," and broker representatives state that the CMOs were
        virtually impossible to value.

            The Askin-managed funds have been under the supervision of a New
        York federal bankruptcy court since April 1994, and a trustee has
        been investigating the circumstances surrounding the collapse of the
        funds. At the time of their collapse, the funds contained more than
        $450 million in investments.

            Counsel for the investors is Berlack, Israels & Liberman LLP of
        New York.

        CONTACT:  Steve Greenbaum or Edward Weisfelner, 212-704-0100/

Investment by Federated in California will
generate jobs, taxes while fueling state economy

            SAN FRANCISCO -- March 27, 1996 -- A plan to infuse
        nearly $600 million into the California economy -- creating an
        estimated 9,000 jobs in the construction sector and employing more
        than 38,000 Californians in retail sector jobs -- will make
        Federated Department Stores,
a major contributor to the state's
        economic resurgence, the chairman of the company's Macy's West
        division today told an audience of California business leaders
        gathered in Bakersfield.  

            "In acquiring and operating Broadway's stores, we not only are
        preparing to take full advantage of the rebound in California's
        economy, but we expect to have a major impact on fueling the
        resurgence," Michael Steinberg said in a keynote address to the 38th
        annual Kern County Business Forecast Conference.  

            Steinberg noted that Federated's extensive commitment to growth
        and investment in California began a year ago, when the owners of
        troubled Broadway Stores, Inc. were looking for a way to salvage the
        company.  At the time, he said, no one but Federated stepped

            "Broadway -- an old and once-respected department store company
        -- was badly wounded and in danger of closing its doors,"  Steinberg
        said.  "It was losing money at a rate approaching a half-million
        dollars a day.  Most vendors had stopped shipping merchandise...and
        thousands of jobs were in danger of being lost -- not to mention the
        potential negative impact on Broadway's many suppliers on the West

            "Broadway had approached several of the largest department store
        companies to solicit interest in buying the company, but while
        everyone was interested in cherry-picking a few stores here and
        there, no one but Federated was willing to seriously consider buying
        the company as a whole," Steinberg said.  

            As a result, he said, Federated's acquisition of Broadway
        Stores, Inc. saved thousands of jobs that otherwise likely would
        have been lost.  Also, as a result of the company's growth plans for
        California, Federated is expected to employ an estimated 38,000
        Californians in its Macy's West division, and in the five new
        Bloomingdale's that are slated to open in California later this year
        and early next.  

            In addition, Steinberg said, Federated plans to spend more than
        $589 million on conversions and remodels of the former Broadway,
        Emporium and Weinstock's stores, which "will create some 9,000
        construction jobs in California, helping to bolster a segment of the
        economy that has seen better days."  And, he said, the purchase of
        equipment and labor for those projects "will extend the ripple
        effect of our investment into other sectors of the economy."  

            In addition to generating tens of millions of dollars in
        corporate income, payroll, property and sales taxes for California,
        the state's real estate sector also is a major beneficiary of
        Federated's investment, Steinberg said.  

            "Through our rescue of Broadway from bankruptcy -- and, in all
        probability, from extinction -- we effectively saved a number of
        shopping malls in California that may have financially collapsed
        without a viable anchor store in the slot held by Broadway,"
        Steinberg told the gathering of business leaders.  "This is
        something that not many people realize, but believe me, the mall
        developers know because, more than anyone outside of retailing, they
        have seen the impact consolidation has had on our industry."  

            Steinberg cited three factors as being responsible for the wave
        of retail failures and industry consolidation over the last decade:
        the consumer's changing definition of value, the proliferation of
        retail formats and an explosion in the amount of retail space.  

            "Value is the new prestige in our consumer society," Steinberg
        said.  "In the mid-1980's, prestige meant exclusive brands -- the
        more expensive the better and more appealing.  In 1996, prestige has
        been redefined...The consumer's emblem of success is not necessarily
        in the designer logo on a shirt or dress, but in telling her friends
        how little she paid for something and what a great deal she got."  

            Coupled with the trend to more casual wardrobes for both work
        and leisure, the result has been an erosion in consumer store and
        brand loyalty, Steinberg said.  In turn, this has led to a
        proliferation of retail formats that now aggressively compete with
        the traditional department store, including national chains and so-
        called "category killers,"  specialty stores, discounters, catalog
        retailers, strip centers and outlet malls.  

            "Put this laundry list of competing retail formats together, and
        you begin to understand the third major factor affecting department
        stores -- the explosion of retail space,"  Steinberg said, noting
        that the number of shopping centers in the U.S. more than tripled
        -- from 10,000 in 1970 to 37,000 in 1990.  "New retail space still
        continues to be built at the rate of 100 million square feet each
        and every year.  Trouble is, America's population and spending power
        is growing at a much more modest rate -- single digits at best.  

            "Supply and demand clearly are out of synch," Steinberg told the
        business group.  "There simply are too many retailers searching for
        too few consumers -- and you need look no farther than Broadway to
        see the impact."  

            Steinberg, who has been chairman of the $3.5 billion San
        Francisco-based Macy's West operation since 1993, credited the
        survival of department stores to a renewed emphasis on reducing
        costs and increasing efficiencies, which enable today's successful
        department stores to compete effectively with discounters of all
        varieties.  Still, Steinberg cautioned, there is more to the success
        formula than just reducing expenses.  

            "Cost efficiency and great merchandising are two sides of an
        equation that must remain in balance if we are to succeed.
        Experience has shown that when the balance tips too far in either
        direction, department stores lose the ability to attract customers
        and make a profit,"  Steinberg said.  

            "Clearly, there are significant long-term rewards in Federated's
        acquisition of Broadway," Steinberg concluded.  "So while these
        consolidations are resulting in the loss of some store names well-
        known to Californians, the enormous savings such consolidations
        produce internally, in back-of- the-house areas of the business
        invisible to customers, will help to deliver greater value to
        customers -- and that is what the marketplace really wants."  

            Macy's West operates more than 100 stores throughout California
        and five other western states under the nameplates of Macy's and
        Bullock's, as well as the nameplates of Broadway, Emporium and
        Weinstock's on an interim basis.  A total of 49 former Broadway
        Stores, Inc.  locations are being converted to Macy's by mid-year,
        as are the 19 Bullock's locations in southern California.  

            Federated, with corporate offices in Cincinnati and New York, is
        one of the nation's leading department store retailers, with annual
        sales of more than $15 billion.  Federated currently operates more
        than 400 department stores and 150 specialty stores in 36 states.

        CONTACT:  Macy's West;
                  Betty Krogh, 415/393-3268;
                  Merle Goldstone, 415/393-3455